7 Mile Advisors Sectorwatch: g

July 2020

Sectorwatch:Management Consulting

7 Mile Advisors

Management Consulting

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OverviewDASHBOARD

PUBLIC BASKET PERFORMANCE

VALUATION COMPARISON

RECENT DEALS

• Summary metrics on the sector

• Commentary on market momentum by comparing the

most recent 12-month performance against the last 3-

year averages.

• Summary valuation and operating metrics for a basket of

comparable public companies.

• Graphical, detailed comparison of valuation multiples for

the public basket.

• The most recently announced deals in the sector

We advise on M&A and private capital transactions and provide market

assessments and benchmarking. As a close-knit team with a long history

together and a laser focus on our target markets, we help our clients sell

their companies, raise capital, grow through acquisitions, and evaluate new

markets.

We publish our sectorwatch, a review of M&A and operational trends in

the industries we focus.

1 - year revenue growth compared to revenue growth average for last 3 years - Current revenue

growth rate exceeds the average of the last 3 years by this amount, indicating that market

momentum is increasing

Dashboard

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Public Basket Overview

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Commercial Services

IT Services

The Hackett Group 397 35 285 1.0% 33.9% 12.2% 1.4x 11.4x 1,143 249

Charles River Associates 506 54 472 11.2% 29.0% 11.4% 1.1x 9.4x 799 590

Huron Consulting Group 1,358 41 984 10.6% 30.6% 4.2% 1.4x 34.7x 3,750 262

ICF International 1,835 125 1,496 8.6% 35.3% 8.4% 1.2x 14.7x 7,000 214

FTI Consulting 4,351 328 2,406 15.6% 34.0% 13.6% 1.8x 13.3x 5,743 419

Booz Allen 12,141 751 7,464 11.3% 54.7% 10.1% 1.6x 16.2x 27,200 274

Accenture 139,085 8,016 44,547 4.4% 31.4% 18.0% 3.1x 17.4x 513,000 87

Public Basket

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22,811 1,336 8,236 9.0% 35.5% 11.1% 1.7x 16.7x 79,805 299

1,835 125 1,496 10.6% 33.9% 11.4% 1.4x 14.7x 5,743 262

share price as of 28Jul20

Public Basket

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Operational Metrics

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Operational Metrics

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Operational Metrics

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Valuation

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Valuation

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9x 11x 13x 15x 16x 17x 35x

LTM

RG

R%

EBIT

DA(x

) EBITDA(x) LTM RGR%

9x 11x 13x 15x 16x 17x 35x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

Valuation

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28-Jul-20 Clear Capital Advisors American Discovery Capital - - - -

17-Jul-20 Univers Retail Intys Partners - - - -

14-Jul-20 WilliamsMarston Align Capital Partners - - - -13-Jul-20 Chaucer Group Altamir 67.52 - - -13-Jul-20 PlanB Consultancy Audax Group - - - -07-Jul-20 Dynamic Workforce Solutions Jackson Partners - - - -03-Jul-20 Pathfinder Execution Sia Partners - - - -01-Jul-20 Berkeley Research Group - 25.67 - - -29-Jun-20 Atzelberg Plenum - - - -23-Jun-20 Alderney Advisors GlassRatner Advisory & Capital Group - - - -22-Jun-20 Moore Fleming NMS Consulting - - - -08-Jun-20 DecisionPoint Selling Overground Cloud Services - - - -02-Jun-20 Mmy Consulting global commerce & information - - - -01-Jun-20 CampbellWilson BKD CPAs & Advisors - - - -06-May-20 Kates Kesler Organization Consulting Accenture - - - -30-Apr-20 Expleo Group Management Consulting Austria Syncier - - - -

28-Apr-20 Avalution Consulting Assurance Software - - - -

23-Apr-20 Dyer Roche & Company Rea & Associates - - - -21-Apr-20 MGT of America Consulting Trivest Partners - - - -16-Apr-20 Ocean Tomo Bow River Capital Partners - - - -15-Apr-20 AOC Key Solutions - - - - -02-Apr-20 SitusAMC Public Sector Pension Investment Board - - - -19-Mar-20 Barraclough & Associates Carr, Riggs & Ingram - - - -11-Mar-20 Reaas Yard Group - - - -11-Mar-20 Talavant Baker Tilly Virchow Krause - - - -06-Mar-20 Lighthouse Lab Services Elite Diagnostics (North Carolina) - - - -06-Mar-20 Northeast Dealer Consultants Brown & Brown Insurance - - - -28-Feb-20 Allolio&Konrad Partnerschaft Unternehmensberater Analysys Mason - - - -26-Feb-20 RWR Legal Michael Best & Friedrich - - - -

Recent Transactions

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Public Basket

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The company's offerings include executive advisory programs, benchmarking, business transportation, and technology advisory

services. The company's executive and practices advisory programs offer performance metrics, peer-learning opportunities, and

practice implementation practices. The benchmarking services help organizations measure and assess internal efficiency and

effectiveness. The business transformation programs help customers develop strategies to improve performance. The company's

technology advisory services help clients improve decision-making capabilities and deploy software applications. The Hackett Group

generates the majority of its revenue in the United States.

The Hackett Group

Public Basket

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The Hackett Group

Company Name Date Deal Synopsis

Jibe Consulting 01-May-17The company was acquired by The Hackett Group (NAS: HCKT) for an undisclosed amount on May 1, 2017. The acquisition will enable the

acquirer to expand its technology consulting services.

Aecus 06-Apr-17The company was acquired by The Hackett Group (NASDAQ:HCKT) for an undisclosed amount on April 6, 2017. The acquisition strongly

complements the global strategy and business transformation offerings of the Hackett Group.

Public Basket

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is a U.S.-based advisory firm that provides economic, financial, and management consultancy services. The company advises clients

on economic and financial issues relating to litigation and regulatory proceedings, and helps businesses set important business

strategies and solve performance-related issues. The company's clients include domestic and foreign companies, government

agencies, public and private utilities, and national and international trade associations. In addition, CRA International owns a majority

stake in NeuCo, a company that develops and markets neutral network software tools and related application consultancy services.

CRA International generates almost all its revenue from the United States and United Kingdom.

Charles River Associates

Public Basket

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Charles River Associates


C1 Consulting 30-Jan-17

The company was acquired by CRA International (NASDAQ: CRAI) for $16.2 million on January 30, 2017. This acquisition helps CRA

International to enhance its capabilities in advanced analytics and market research as well as broaden its commercialization strategy offering,

particularly relating to rare and orphan diseases.

Navigant Consulting (Economics

Operations)31-Jan-13

The Economics Practice Operations of Navigant Consulting was acquired by CRA International (NASDAQ: CRAI) for an undisclosed amount

on January 31, 2013.

Public Basket

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The company provides expertise in strategy, technology, operations, advisory services, & analytics through three operating segments

namely Healthcare, Education, and Business Advisory. Healthcare segment helps the firms to transform and innovate the delivery

model to focus on patient wellness by improving quality outcomes, minimizing care variation and fundamentally improving patient

and population health, Education segment provides management consulting and technology solutions, and Business Advisory

segment provides services to large and middle-market organizations, not-for-profit organizations, and private equity firms. It

generates a majority of its revenue from the Healthcare Segment.

Huron Consulting Group

Public Basket

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Huron Consulting Group


Proto (Business/Productivity

Software)3/23/20 The company raised CAD 2.1 million of venture funding in a deal led by Huron Consulting Group on December 31, 2019.

Medically Home 1/6/20The company raised $22.84 million of Series B venture funding from Cardinal Health and Huron Consulting Group on December 2, 2019,

putting the company's pre-money valuation at $46 million. The funds will be used to scale growth efforts.

Public Basket

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Its services primarily support clients that operate in four key markets that include Energy, Environment, and Infrastructure, Health,

Education, and Social Programs, Safety and Security and Consumer and Financial. The Company's major clients are United States

federal government departments and agencies.

ICF International

Public Basket

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ICF International


Incentive Technology Group 31-Jan-20The company was acquired by ICF International (NAS: ICFI) for $255 million on January 31, 2020. The acquisition significantly expands ICF's

IT modernization services to U.S. federal government clients

We are Vista 04-Oct-18The company was acquired by ICF (NAS: ICFI) for an undisclosed amount on October 4, 2018. This acquisition will enhance the support

acquirer offer both their public and private sector clients in Europe.

Public Basket

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The company operates through five segments, namely corporate finance and restructuring, forensic and litigation consulting,

economic consulting, technology, and strategic communications. Customers of the company come from a wide array of sectors,

including construction, energy and power, environmental, financial institutions, healthcare and life science, insurance, real estate and

infrastructure, retail and consumer products, telecom, media, and technology. The majority of the company's revenue is derived from

serving customers in the United States.

FTI Consulting

Public Basket

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FTI Consulting


Delta Partners Group 18-May-20The company reached a definitive agreement to be acquired by FTI Consulting (NYS: FCN) for an undisclosed amount on May 18, 2020. The

acquisition will extend FTI Consulting's business transformation and transactions and FTI Capital Advisors offerings to a truly global presence.

Andersch 08-Aug-19The company was acquired by FTI Consulting (NYS: FCN) for $18.8 million on August 8, 2019. The acquisition will extend FTI Consulting's

restructuring and business transformation capabilities to DACH region.

Public Basket

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government. Other services offered include technology, such as cloud computing and cybersecurity consulting, and engineering

consulting. The consulting services are focused on defense, intelligence, and civil markets. In addition to the U.S. government, Booz

Allen Hamilton provides its management and technology consulting services to large corporations, institutions, and nonprofit

organizations. The company assists clients in long-term engagements around the globe.

Booz Allen

Public Basket

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Booz Allen


Morphick 02-Nov-17

The company was acquired by Booz Allen (NYS: BAH) for an undisclosed amount on November 2, 2017. The acquisition bolsters Booz

Allen's growth strategy in its United States commercial business, where the focus is on expanding clients' access to scalable and on-demand

managed threat services.

Aquilent 24-Jan-17

The company was acquired by Booz Allen Hamilton (NYSE: BAH) for $253.6 million on January 24, 2017. The transaction will bolster Booz

Allen's growing technology capabilities and talent base, particularly its emphasis on building citizen-focused digital services. Booz Allen

Hamilton (NYSE: BAH) is backed by The Carlyle Group (NASDAQ: CG), Ardian Holding, Morgan Stanley (NYSE: MS) and Apollo Investment

(NASDAQ: AINV).

Public Basket

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These services run the gamut from aiding enterprises with digital transformation, to procurement services, to software system

integration. The company provides its IT offerings to a variety of sectors, including communications, media and technology, financial

services, health and public services, consumer products, and resources. Accenture employs just under 500,000 people throughout

200 cities in 51 countries.

Accenture

Public Basket

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Accenture


Sentelis 23-Jul-20The company was acquired by Accenture (NYS: ACN) for an undisclosed amount on July 23, 2020. The acquisition would complement

Accenture's focus on helping clients build the right data strategy and foundation to industrialize AI across their businesses.

Duck Creek Technologies 10-Jun-20

The company received $230 million of development capital of Series E from Accenture, Apax Partners, Altamir, Dragoneer Investment Group,

Insight Partners, Temasek Holdings, Kayne Anderson Rudnick Investment Management, Whale Rock Capital Management and Neuberger

Berman on June 10, 2020. The funds will be used to invest in business growth as well as to buy back equity from certain existing investors

Contact Info

As a close-knit team with a long history together and

a laser focus on our target markets, we help our

clients sell their companies, raise capital, grow

through acquisitions, and evaluate new markets.

Securities offered through 7M Securities LLC.

704.899.5962 [email protected]




















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